JAMAICA’S stock market displayed a stark divergence in October, as a sharp decline in the majority of shares offset standout gains in a few major companies, driving the main index down 3.86 per cent for the year, according to the latest Jamaica Stock Exchange (JSE) data.

The JSE Combined Index fell 0.73 per cent in October to close at 322,820.76. The most telling indicator of distress was the market’s breadth, with the advance/decline ratio on the main market at a stark 14:36. For every one stock that rose, more than two fell.

This trend reflects a longer-term concentration of gains, as the average stock price on the main market fell 6.65 per cent year-to-date, the JSE’s analysis showed. Performances were sharply split: Tobacco firm Carreras Limited surged 64.75 per cent over one year, while renewable energy company MPC Caribbean Clean Energy Ltd plummeted 45.72 per cent.

The market’s trajectory was defined by these extremes. A handful of companies, including Caribbean Cement Company, up 32.30 per cent, and Guardian Holdings, which gained 20.14 per cent, posted strong annual returns.

In contrast, several key sectors faced severe pressure. Agribusiness firm Jamaica Broilers Group saw its value fall 35.52 per cent, while financial heavyweights NCB Financial Group and JMMB Group declined 20.47 per cent and 24.80 per cent, respectively.

The sell-off was even more pronounced on the Junior Market for small-cap stocks, where the index fell 9.89 per cent over one year. Companies like R A Williams Distributors and Spur Tree Spices Jamaica saw their shares lose more than half their value, dropping 51.14 per cent and 43.32 per cent, respectively.

Paradoxically, this broad decline coincided with a surge in block trading, typically the domain of large institutional investors. Data showed the volume of block trades surged 657.57 per cent year-on-year, while their value rose 162.14 per cent.

This suggests that while retail sentiment was broadly negative, institutional players were actively repositioning large portfolios, moving capital out of underperforming sectors and into the market’s few pockets of strength.

Overall trading activity for the first ten months of 2025 was down compared to the same period in 2024. The total volume of shares traded fell 21.54 per cent, while the total value declined 2.55 per cent, indicating a reduction in market liquidity.

The JSE’s report underscores a period of significant reassessment for Jamaican equities, where investor confidence appears highly selective, favouring a narrow range of established performers amid wider market weakness.